The forum said many young and aspiring graduates and postgraduate students had quit their government and PSB jobs in early 2004 to join IDBI Bank. | Photo credit: ADNAN ABIDI
A memorandum submitted to the President by the workers’ forum sought her “urgent and compassionate intervention in securing the jobs of thousands of socially and economically backward workers and their families who are likely to be seriously affected by the proposed privatization of lDBl Bank.”
Forwarded to PM, FM
A copy of the memorandum has been sent to the Prime Minister; Union Finance Minister; Governor, Reserve Bank; Secretary, DIPAM; Union Minister of Social Justice and Empowerment; and to the chairmen of each of the National Commissions for Scheduled Castes; Scheduled Tribes; and backward classes.
The forum said many young and aspiring graduates and postgraduate students had quit their government and PSB jobs to join the bank in early 2004. They were hopeful of securing career prospects, salary increases and better working conditions. They are shocked to hear about the steps the bank is taking in terms of merger/privatization. With uncertainty high, it is very difficult to find suitable jobs elsewhere in case the merged bank rejects a VRS offer.
Switching option
The memorandum requested that in case the privatization was completed, all existing OBC/SC/ST employees would be given a one-time transfer option to other public sector banks, with an enumerated set of safeguards.
These should guarantee transfer with the same terms of service; no implied loss of seniority, pay or service benefits; retention of reservation protection and promotional rights; and a post near the current workplace to minimize disruption. These would ensure a “humane and constitutionally respectful” initiative to protect the interests of those who joined the bank under the guarantee of public sector job guarantees, the memorandum said.
Promulgation of the law
Importantly, the employees’ forum also urged the Center to consider a legal framework or amendment that will ensure that the protection of SC/ST/OBC reservations continues for employees of any public institution that is privatized or disinvested in the future. A law may be promulgated mandating reservations and inclusion of social equity clauses in MoUs with private buyers during the sale of PSUs.
The government has followed the reservation of SC/ST/OBC during recruitment before disinvestment. Existing employees from these categories therefore enjoy protected status under constitutional provisions. lDBl Bank has been a pillar of inclusive bonking and idea building, the forum recalled. SC/ST/OBC workers are not just employees but representatives of the government’s vision of equality, opportunity and upliftment.
Published on January 18, 2026
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